diff --git a/src/llmcompressor/pipelines/cache.py b/src/llmcompressor/pipelines/cache.py
index 50153a085a..f8f6d6ab08 100644
--- a/src/llmcompressor/pipelines/cache.py
+++ b/src/llmcompressor/pipelines/cache.py
@@ -5,11 +5,44 @@
 from collections import defaultdict
 from dataclasses import dataclass, fields, is_dataclass
 from typing import Any, Generator
+from weakref import WeakKeyDictionary
 
 import torch
+from torch.utils._python_dispatch import TorchDispatchMode
 from tqdm import tqdm
 
 
+class OverrideEqMode(TorchDispatchMode):
+    """
+    When using a torch.Tensor as a key in a dictionary, the equality
+    check must return a single value instead of a torch.Tensor
+    of bool values.
+    Use this override context for such cases, to swap out the torch.eq
+    equality check for a check on id
+    >>> a = torch.tensor([1,2,3])
+    >>> b = torch.tensor([1,2,3])
+    >>> a == b
+    tensor([True, True, True])
+    >>> with OverrideEqMode():
+    ...     a == b
+    tensor(True)
+    """
+
+    def __torch_dispatch__(self, func, _types, args=(), kwargs=None):
+        kwargs = kwargs or {}
+
+        # Check if the operation is equality
+        if func is torch.ops.aten.eq.Tensor:
+            # Override to use torch.equal
+            assert len(args) == 2, "Exactly 2 args must be provided"
+
+            # NOTE: Errors out without cast to torch.tensor
+            return torch.tensor(id(args[0]) == id(args[1]))
+
+        # For all other operations, just run them normally
+        return func(*args, **kwargs)
+
+
 @dataclass
 class IntermediateValue:
     """
@@ -42,6 +75,10 @@ class IntermediatesCache:
     batch_intermediates: list[IntermediateValues]
     offload_device: torch.device | None
 
+    # map of onload value -> offload value
+    # used to avoid excess memory usage when shared tensors are offloaded
+    offload_values: WeakKeyDictionary[torch.Tensor, torch.Tensor] = WeakKeyDictionary()
+
     def __init__(
         self,
         batch_intermediates: list[IntermediateValues] | None = None,
@@ -154,13 +191,16 @@ def size(self) -> dict[torch.device, int]:
         :return: dictionary mapping torch device to number of bytes in cache
         """
         sizes = defaultdict(lambda: 0)
+        memo = set()
 
         def _size_helper(intermediate: IntermediateValue) -> int:
             value = intermediate.value
 
             match value:
                 case torch.Tensor():
-                    sizes[value.device] += value.nbytes
+                    if value not in memo:
+                        sizes[value.device] += value.nbytes
+                    memo.add(value)
                 case list() | tuple():
                     for v in value:
                         _size_helper(v)
@@ -239,8 +279,17 @@ def _offload_value(
         kwargs = {"offload_device": offload_device, "onload_device": onload_device}
         match value:
             case torch.Tensor():
+                with OverrideEqMode():
+                    # check for cache hit between shared tensors
+                    if value in cls.offload_values:
+                        offloaded = cls.offload_values[value]
+                    else:
+                        # move to offload if no hit
+                        offloaded = value.to(device=offload_device)
+                        cls.offload_values[value] = offloaded
+
                 return IntermediateValue(
-                    value=value.to(device=offload_device),
+                    value=offloaded,
                     device=(onload_device if onload_device else value.device),
                 )
             case list():
diff --git a/tests/llmcompressor/pipelines/test_cache.py b/tests/llmcompressor/pipelines/test_cache.py
index eff88d881d..9c01ed8fba 100644
--- a/tests/llmcompressor/pipelines/test_cache.py
+++ b/tests/llmcompressor/pipelines/test_cache.py
@@ -4,7 +4,7 @@
 import torch
 from torch.utils.data import DataLoader, StackDataset
 
-from llmcompressor.pipelines.cache import IntermediatesCache
+from llmcompressor.pipelines.cache import IntermediatesCache, OverrideEqMode
 
 
 @dataclass
@@ -162,3 +162,18 @@ def deep_equal(a, b) -> bool:
             return deep_equal(a_dict, b_dict)
         case _:
             return a == b
+
+
+def test_override_eq_mode():
+    a = torch.tensor([1, 2, 3])
+    b = a
+    c = torch.tensor([2, 2, 2])
+
+    with pytest.raises(RuntimeError):
+        assert a == b
+    with pytest.raises(RuntimeError):
+        assert not (a == c)
+
+    with OverrideEqMode():
+        assert a == b
+        assert not (a == c)